Emera (EMA.US) has agreed to acquire Canadian Utilities Ltd. in an all-stock transaction valued at approximately C$14.3 billion ($10 billion), creating a large power and natural gas company with operations stretching from Florida to Alberta.

Under the terms announced on Tuesday, the combined company would have an enterprise value of around C$72 billion and serve six million customers.

The two companies said this would be the largest single merger ever between Canadian companies and would form a top 20 North American utility.

Emera shareholders would own approximately 60% of the combined company.

The merged entity would continue to operate under the Emera name and be headquartered in Halifax.

Canadian Utilities' parent company, ATCO Ltd., would spin off its other businesses into a separate publicly listed company.

The two companies plan to undertake a C$32 billion capital investment program through 2030.

They said that through the merger they would be better positioned to advance large-scale electrification projects, major natural gas and transmission developments, and other large infrastructure projects.

The transaction is expected to close in the third or fourth quarter of 2027.

In pre-market trading on Tuesday, Emera shares fell nearly 1%.